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Who do you use to insure your big, fast cat?

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Old 05-21-2004, 10:06 AM
  #31
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Default Re: Who do you use to insure your big, fast cat?

Tantrum, your idea of using self-insurance to cover the underlying insurance requirement of an umbrella may work. I suspect the umbrella carrier may require you to post a letter of credit or some other form of security to guarantee that funds are available in the event of a claim. Interesting idea for those with the assets to pull it off.

For most cat owners, the best option will be to go with the highest deductible you can handle (keep in mind that if a lender is involved you may be limited in how high the deductible can be). Very few carriers want to write liability only policies and most will require hull coverage to be included.

Markel has been writing cat coverage longer than anyone and has the stomach to handle the risk. That said, they still have their limitations regarding speed, experience, operators, etc. The key is to find an agent that understands the exposures and will know how to best represent you to the carrier. Ask the agent some questions to make sure they understand high performance insurance before you request a quote from them.
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Old 05-21-2004, 10:24 AM
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Default Re: Who do you use to insure your big, fast cat?

Markel also uses their own "formula" for how fast a boat is with X HP.

They didn't believe my 28 daytona with stock 500 EFI's only ran 97. Acording to their calculations it runs 115.... I told them to come on out and show me that one.....bring bring bob leach, johnny T whoever they wanted. They never took me up on that offer....
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Old 05-21-2004, 10:57 AM
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Default Re: Who do you use to insure your big, fast cat?

Quote:
Originally Posted by GATORONE
With a pulley change, fuel and timing you can have what ever hp you want.Anyone with blowers can de-tune their motors.
why not just get an adjustable wastegate?
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Old 05-21-2004, 12:15 PM
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Default Re: Who do you use to insure your big, fast cat?

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Originally Posted by Dueclaws
Aero-
I agree with your statement, but how do you convince the insurance co's that you're telling the truth. Show them the dyno sheets? By design: our engines do not exceed 800hp (must be getting "mature", because I've lost the desire to have the fastest boat).

Due
That would be a good idea and probably a good tool to use in the fight to get your claim, if you ever have one, but if you or a passenger got hurt I'll bet they would tear that engine down and inventory the parts then have an expert estimate the hp and guess who loses.
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Old 05-22-2004, 01:12 PM
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Default Re: Who do you use to insure your big, fast cat?

I've insured my last 3 boats with World wide they are excellent to deal with and not that outrageous here is there number 800-339-1235
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Old 05-22-2004, 10:51 PM
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Question Re: Who do you use to insure your big, fast cat?

I have a few doctor friends that are into toys big time and minimally insure everything and assign ownership to their "corporation" and "self-insure" and of course to do so have to own the items outright as no bank will allow this practice. They call it going "bare". They even do this a lot in their high risk medical specialties where insurance is too high so they choose to have none. The corporation has minimal assets. Lawyers hate it because there are basically no assets to recover in a law-suite award and trying to go after personal assets is a loosing proposition as those assets are usually jointly held . So with a high speed cat they would cover it while on land for theft and casualty too especially if they tow it and go "bare" the rest of the way and additionally probably have potential passengers sign waivers for personal liability if they have a good attorney guiding their choices. This is how big corporations usually do these kind of things. I have to sign waivers all the time in my company for anything with potential risks beyond the usual and i personally don't like it but I need the job. Many corporations have hundreds of vehicles on the road that are covered for injuries etc but not for the vehicles. It shows how in the long run you save millions if you are BIG and or wealthy. Insurance companies get rich on the ratio of premiums paid and the claims made "spread". Fast boats are a niche' market to insurance corporations and most don't understand the market well. They only insure cars because of the huge volume which reduces risk of losses. If there were as many Twin 1300 HP cats to potentially insure as there are cars they would be out there with great rates because of the shear volume and chances are they would have less claims with cats than with cars! If you are poor like me then a 26' v- hull with T-3oo Hp engines costs me around $500/year and it's a moot point. My doc friend has casualty and theft on land as he tows it around and bare the rest of the time on his mega blown cat. At best he has fun and little worries and at worst a write-off. Must be nice.

Last edited by Hydrocruiser; 05-22-2004 at 11:07 PM.
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Old 05-23-2004, 11:00 AM
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Default Re: Who do you use to insure your big, fast cat?

Who will give you just liability and theft ? Thats what Im interested in.

Im only worried about somebody stealing it, or me doing something stupid and getting sued.

Curtis
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Old 05-23-2004, 11:08 AM
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Default Re: Who do you use to insure your big, fast cat?

Curtis-
Check with Worldwide. I spoke with Gregg about it last year and seem to recall that he had it available (at that time). I'll be looking for the same whenever I get the Jag completed.
John
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Old 05-23-2004, 12:51 PM
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Arrow Re: Who do you use to insure your big, fast cat?

I called my doc buddy with a Cat. He has a "land based theft, damage and liability policy". If it's stolen or somebody gets hurt while working on the boat or from an accident while towing it, everything is covered completely for a couple thousand per year, remembering he has about 600k in it, that's reasonable even for this limitation. It's looked at as a boat that is insured much like many classic cars are "not to be driven but trailered" and "displayed" from an insurance standpoint mentality. This was not easy for him to get but he has an agent who insures his house and some toys and other things with them who didn't want to loose him totally and stuck their necks out. The risk is of course obvious in that if anything "major" might happen it's "stollen". As far as liability, waivers for liability to any passengers and the rest is a "corporation boat" recovery if anything bad happens. No significant assets in the "INC".

Last edited by Hydrocruiser; 05-23-2004 at 12:59 PM.
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